Tenaris SA has made a binding offer to acquire the welded pipe assets and facilities of Acindar Industria Argentina de Aceros SA (Acindar) located in Villa Constitucion, Santa Fe, for approximately US$28 million. Negotiations were conducted through Tenaris’ Argentine welded pipe subsidiary, Siat SA.

The proposed acquisition has been approved by the Argentine competition authorities but remains subject to Acindar being released from its general restriction on asset dispositions under its ongoing out-of-court debt restructuring and the satisfaction of applicable publicity requirements relating to bulk transfers of assets.

The facilities that would be acquired with this transaction have an annual capacity of 80,000 tonnes of welded pipes whose small diameter size range would complement the range of welded pipes that Tenaris currently produces in Argentina.

Tenaris is a leading global manufacturer of seamless steel pipe products and a provider of pipe handling, stocking and distribution services to the oil and gas, energy and mechanical industries. The organization is also a leading regional supplier of welded steel pipes for gas pipelines in South America. Domiciled in Luxembourg, it has pipe manufacturing facilities in Argentina, Brazil, Canada, Italy, Japan, Mexico, Romania and Venezuela as well as a network of customer service centers present in over 20 countries worldwide.